Pensioners Have More Cash To Spend On Fun Than Ever

Big spending pensioners have more money than ever to splash on having fun, eating and drinking out, according to new research.

They regularly fork out more than £100 a week more than pensioners spent in 2001 on the good life, including hobbies, holidays, the latest fashions and booze.

The data from the Resolution Foundation showed that the average pensioner over 65 years old spent £283 on going out and having fun.

By 2018, this had risen by £105 a week to £388.

While the analysis pointed out inflation had a part to play in boosting spending power for pensioners, other generations are not enjoying the same benefits.

Millennials take financial hit

Millennials, who are aged between 18 and 29 years old, had a disposable income of £406 a week in 2001, but this dropped by £28 to £387 in 2018.

Researchers also found non-essential spending has increase for every generation over the past two decades.

For example, the 30 to 49 year old age group have seen this spending rise £3 to 3418 a week, while the 50 – 64 year old age group has had a rise of £48 a week to £460.

The worst financial hit was taken by 18 to 29 year olds, who have less money to spend on non-essential items as their pay has stuck at pre-financial crisis levels.

David Willetts, president of the Intergenerational Centre, the organisation compiling the data, said: “From frustrations about buying a first home to fears about the cost of care, Britain faces many intergenerational challenges. The big living standards gains that each generation used to enjoy over their predecessors have stalled.

Relationships matter

“But while Britain’s intergenerational challenges are big, they are not insurmountable. Welcome steps are already being made – from stronger pay growth for young millennials to the success of auto-enrolment into pension saving.

“By looking for solutions through a generational lens we can repair the social contract between generations, and help bring our country back together again.”

Claire Turner, director of evidence at the centre, said: “It’s great that many people are enjoying later life and can do the things they want to do. One of the keys to a good later life is having lots of good social connections.”

“Relationships are what matter most to us all. We need to create communities that make it easier to stay active and be connected.”

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